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WGU C213 OA 2024 ACCOUNTING FOR DECISION MAKERS Exam WITH 100 Questions AND ANSWERS $19.99   Add to cart

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WGU C213 OA 2024 ACCOUNTING FOR DECISION MAKERS Exam WITH 100 Questions AND ANSWERS

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WGU C213 OA 2024 ACCOUNTING FOR DECISION MAKERS Exam WITH 100 Questions AND ANSWERS What is known about the direct and indirect methods of preparing statements of cash flows? - The direct method is more popular among large US companies - The indirect method is more popular among large US c...

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  • September 10, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • wgu c213 oa 2024
  • wgu c213
  • WGU C213 OA 2024 ACCOUNTING FOR DECISION MAKERS
  • WGU C213 OA 2024 ACCOUNTING FOR DECISION MAKERS
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WGU C213 OA 2024 ACCOUNTING FOR

DECISION MAKERS 2024-2024 Exam WITH

100 Questions AND ANSWERS

What is known about the direct and indirect methods of preparing
statements of cash flows?

- The direct method is more popular among large US companies

- The indirect method is more popular among large US companies

- Both methods have the same popularity among large US companies

- Neither method is very popular among large US companies - ANSWER-
The indirect method is more popular among large U.S. companies.



A company's statement of cash flows includes the following cash
transactions:

Sales 1,250,000

Inventory Purchase -750,000

Property and Equipment Purchase -270,000

Interest Payment on Long-Term Debt -25,000

Payment of Wages -315,000

Payment of Rent -40,000

Borrowing Long-Term Debt

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200,000

Payment of Cash Dividends -15,000

Repurchase of Treasury Stock -40,000

Total Cash Flows -5,000

Assuming the company uses US GAAP standards, what is the total cash
flow from financing activities?



$175,000

$160,000

$145,000

$120,000 - ANSWER-145,000. 200,000 - 15,000 - 40,000 = 145,000.



Which two examples represent financial statement errors? Choose 2
answers

- An accounting employee overpays a supplier and receives a portion of the
excess as a kickback

- The accounting department miscalculates the payroll tax due at year-end,
resulting in an inaccurate liability

- The outside auditor disagrees with the amount reported as an allowance
for uncollectible accounts receivable

- The accountant unintentionally records amounts as revenue that were
prepaid by customers but not yet earned - ANSWER-The accounting

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department miscalculates the payroll tax due at year-end, resulting in an
inaccurate liability. The accountant unintentionally records amounts as
revenue that were prepaid by customers but not yet earned.



Which internal control is intended to ensure that a company does not
mistakenly pay a supplier for an invoice that includes more items than were
actually received?

- The purchasing department authorizes the order of all items before they
occur

- The company requires two signatures on each check in order for payment
to be sent

- The inventory department counts and inspects items as received and
forwards the receiving record to accounts payable

- The accounts payable department utilizes pre-numbered checks in the
payment of supplier invoices. - ANSWER-The inventory department counts
and inspects items as received and forwards the receiving record to
accounts payable.



What are two common reasons for managers to manipulate reported
earnings? Choose 2 answers

- They are feeling pressured to meet internal sales goals.

- They are preparing to qualify for a bank loan.

- They are feeling pressured to comply with an external auditor.

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